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Europa Capital, the pan-European real estate investment manager, alongside its joint venture partner, Bayern Projekt, announces the sale of the Olympia Business Centre (the “OBC”), a 38,000 sq m office building in Munich, Germany, on behalf of its value-add fund, Europa Fund V.
Since acquiring the asset in 2017, Europa Capital and Bayern Projekt have undertaken an extensive refurbishment of the OBC, which achieved a LEED Gold certification and a WiredScore Platinum certification, recognising its leading sustainability features, connectivity and digital infrastructure. This project led to the creation of roof terraces, a new restaurant/café, a double-storey lobby area, and the creation of a “Markthalle” (market hall) concept for employees, which has been designed to foster co-eating and co-working.
During the refurbishment Europa Capital and Bayern Projekt agreed a number of key leases at the OBC, which is currently 60% occupied. Recent lettings totalling 8,500 sq m which will take occupancy to 80% have also been agreed on long lease terms with three further occupiers, including a leading German provider of credit cards; a leading Japanese manufacturer in semi-conductor testing equipment; and a Munich based IT and business consulting company.
The diversity of the OBC’s occupiers reflects the campus’ high-quality design, digital infrastructure and flexibility. Other notable occupiers at the campus include DAIWA, the Japanese sports equipment manufacturer; Stadtwerke München, the municipal energy supply company; and the investigation Department of the Bavarian State Police Office.
Situated in Munich’s Moosach district, the OBC is in a strong business location with many large international businesses in the immediate vicinity. The asset is also well connected, providing access to the Georg Brauchle-Ring road and a number of U-Bahn train stations.
Source : Europa Capital: